The ranking isn’t published by the newspaper - it’s by the research and insights B2B company of the overall group. Regardless of what assumptions you have about the newspaper (elite, yes, but I’m unclear on why you think fierce liberalism is likely to mean they don’t really value democracy), the B2B unit sells data - they’re as likely to skew this ranking as they are at which countries are better at rail infrastructure. Perhaps their definition of democracy is indeed flawed though - no need to speculate, go read their methodology.